WASDE Summary
Fairly quiet WASDE report today. USDA kept it bland, basically no change in South American numbers and global stocks. US 23/24 carryout’s also all higher than the average trade estimates
Corn saw a raise in feed and ethanol consumption. US carryout was pegged 20mln higher than trade expected. Brazil was unchanged but USDA lowered Argentina 1mmt.
Soybean US imports lowered 5mln and exports reduced 20 mln. US carryout increased 25mln which was a surprise.
Wheat saw imports decreased 5 mln and a 30mln reduction in feed/res.
